NOR Flash and SLC NAND face severe undersupply as capacity shifts to AI memory

AI demand is pushing manufacturers to redirect capacity to more profitable memory, causing a sharp shortage of NOR Flash and SLC NAND. Contract prices rose over 100% in H1 2026, and SLC NAND may rise another 120–170% in H2.

• NOR Flash and SLC NAND contract prices rose over 100% in H1 2026
• SLC NAND may rise another 120–170% in H2 2026
• 12-inch SLC NAND wafer yields $6–8K revenue vs ~$20K for regular NAND
• JPMorgan expects memory shortage for at least two years with 70–80% orders fulfilled